1665 Eldridge Pkwy Houston, TX 77077
- Car washes
- 4,935 SF
- 0.96 lot acres
Current Use by Public Records
- BlueWave Express Car Wash / Car Wash
Property Details for 1665 Eldridge Pkwy
- Year built
- 2007
- Construction
- STEEL & CONCRETE
- Lot size
- 0.96 lot acres
- Property size
- 4,935 SF
- Property type
- Car washes
- APN
- 1213570010002
- APU
- 1213570010002
Description
This exceptional investment opportunity presents a fee-simple ownership of a thriving BlueWave Express Car Wash in Houston, TX. Located at 1665 Eldridge Pkwy, this 5,187 square foot facility sits on a 0.95-acre lot and boasts a 25-year absolute NNN lease with 12.4 years remaining, commencing April 1, 2022, and expiring March 31, 2037. The lease includes six 5-year renewal options and features a 10% rent increase every five years, providing a hedge against inflation. The property, built in 2007, currently enjoys 100% occupancy and generates a strong NOI of $375,100, representing a 5.30% cap rate and a price per square foot of $1,364.44. The asking price is $7,077,358. The tenant, a strong franchisee, operates an express car wash with 16 covered vacuum stations, utilizing eco-friendly practices and a state-of-the-art water reclamation system. The property benefits from its prime location in a high-traffic, affluent area of Houston within the Harris County, 77077 zip code. The fee-simple ownership structure allows for the utilization of bonus depreciation, offering significant tax advantages. This is a turnkey investment with minimal landlord responsibilities, providing a stable and predictable income stream for years to come. The Houston MSA's robust population and economic growth further enhance the long-term value of this asset.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Houston
- County
- Harris
- State
- Texas
- Longitude
- -95.6248
- Latitude
- 29.7526
- CBSA code
- 26420
- CBSA name
- HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA
